Suppose that you have $1400 in a savings account. The bank pays 1.5% annual simple interest. What would be the interest paid aft

Question

uysha [10]

3 years ago

9

Suppose that you have $1400 in a savings account. The bank pays 1.5% annual simple interest. What would be the interest paid aft

er 3 months? What is the balance
in the account?

Mathematics

1 answer:

ICE Princess25 [194] · Answer 1 · 2022-04-02T14:09:07+03:00

Answer:

You should have $1,463.95

Step-by-step explanation:

The formula for this is A=P(1+r)^x

P being the initial amount, r being the percentage, and x being the time passing.

1. Write out the equation: A=1400(1+0.015)^3

REMEMBER- writing percentages into decimals is moving the decimal point two times to the left--or dividing by 100!

2. Parentheses: 1400(1.015)^3

At this point, you're going to want to do exponents first (PEMDAS). If you're typing this into a calculator it should just give you the answer right away with the full equation.

3. Answer: 1463.95 (rounded to the nearest hundredth).

**I apologize if this is wrong; I haven't done it in a while so I don't know if I did 3 years or 3 months.. lol. That's probably not helping with the confidence level, but good luck!